Sumitomo Mitsui DS Asset Management Company Ltd Sells 23,333 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Sumitomo Mitsui DS Asset Management Company Ltd decreased its stake in Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 25.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 69,056 shares of the semiconductor company's stock after selling 23,333 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Analog Devices were worth $13,927,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Analog Devices in the 4th quarter worth about $1,755,958,000. Raymond James Financial Inc. purchased a new stake in Analog Devices during the fourth quarter valued at about $833,386,000. GAMMA Investing LLC boosted its position in Analog Devices by 25,460.1% during the first quarter. GAMMA Investing LLC now owns 2,211,715 shares of the semiconductor company's stock worth $446,037,000 after purchasing an additional 2,203,062 shares during the period. Kovitz Investment Group Partners LLC increased its stake in shares of Analog Devices by 301.1% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,581,157 shares of the semiconductor company's stock worth $335,933,000 after purchasing an additional 1,186,981 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in shares of Analog Devices by 71.0% in the fourth quarter. Deutsche Bank AG now owns 2,158,914 shares of the semiconductor company's stock worth $458,683,000 after purchasing an additional 896,694 shares in the last quarter. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Citigroup upped their price target on shares of Analog Devices from $235.00 to $260.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Wall Street Zen raised shares of Analog Devices from a "hold" rating to a "buy" rating in a report on Saturday, May 24th. Cantor Fitzgerald upgraded Analog Devices from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $250.00 to $270.00 in a research report on Wednesday, June 18th. Piper Sandler reduced their price target on Analog Devices from $240.00 to $215.00 and set a "neutral" rating for the company in a research report on Friday, May 23rd. Finally, Benchmark reiterated a "buy" rating and set a $260.00 price objective (down from $275.00) on shares of Analog Devices in a research note on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $251.75.

Analog Devices Price Performance

ADI stock traded up $0.93 during midday trading on Friday, reaching $246.08. The company had a trading volume of 1,837,392 shares, compared to its average volume of 3,593,981. The firm has a 50-day moving average price of $220.07 and a 200-day moving average price of $212.46. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.08 and a quick ratio of 1.51. The company has a market capitalization of $122.12 billion, a P/E ratio of 67.05, a P/E/G ratio of 2.26 and a beta of 1.02. Analog Devices, Inc. has a 1 year low of $158.65 and a 1 year high of $247.10.

Analog Devices (NASDAQ:ADI - Get Free Report) last announced its earnings results on Thursday, May 22nd. The semiconductor company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.15. Analog Devices had a net margin of 18.65% and a return on equity of 9.56%. The company had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same period in the previous year, the business earned $1.40 earnings per share. The firm's quarterly revenue was up 22.3% compared to the same quarter last year. On average, research analysts anticipate that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were given a dividend of $0.99 per share. The ex-dividend date was Wednesday, June 4th. This represents a $3.96 annualized dividend and a dividend yield of 1.61%. Analog Devices's dividend payout ratio (DPR) is presently 107.90%.

Insider Transactions at Analog Devices

In related news, Director Ray Stata sold 3,125 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $195.84, for a total value of $612,000.00. Following the completion of the sale, the director owned 180,071 shares in the company, valued at $35,265,104.64. The trade was a 1.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $196.84, for a total transaction of $1,968,400.00. Following the transaction, the chief executive officer owned 142,996 shares in the company, valued at $28,147,332.64. The trade was a 6.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,250 shares of company stock worth $3,143,556. 0.33% of the stock is currently owned by insiders.

Analog Devices Company Profile

Analog Devices, Inc designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems products in the United States, rest of North and South America, Europe, Japan, China, and rest of Asia. The company provides data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; power management and reference products for power conversion, driver monitoring, sequencing, and energy management applications in the automotive, communications, industrial, and consumer markets; and power ICs that include performance, integration, and software design simulation tools for accurate power supply designs.